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Apr 3, 2025You can either file with a standard or itemized deduction when submitting your tax return. Taxpayers will select the higher of the other deduction. The standard deduction is a fixed sum taxpayers can deduct from their income before the calculation of income tax. Your filing status determines the standard deduction, which is increased for inflation […]
adminApr 3, 2025A net operating loss (NOL) occurs when your deductions surpass your taxable income. It can lower your taxable income in future tax years. They can still use the 2-year carryback rule. for tax years before 2018. The Tax Cuts and Jobs Act (TCJA) removed this for future tax years, save for certain agricultural losses and […]
adminApr 3, 2025By deducting the amount of alimony given to an ex-spouse, the alimony deduction lets taxpayers lower their taxable income. Understanding the qualifying requirements and how recent modifications—especially from the Tax Cuts and Jobs Act (TCJA)—affect this deduction for divorces completed after 2018 is therefore vital. Alimony is? Alimony is a payment of financial support from […]
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